Nigerian Investment Promotion Commission
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The Nigerian Investment Promotion Commission (NIPC) is Federal Government Agency in Nigeria established by the NIPC Act N0. 16 of 1995 to promote, co-ordinate and monitor all investments in Nigeria. The basic functions and powers of the NIPC are as prescribed by Act 16 of 1995. The Commission has perpetual succession and a common seal, which is specially established, among other things, to:
(a) Co-ordinate, monitor, encourage and provide necessary assistance and guidance for the establishment and operation of enterprises in Nigeria ;
(b) Initiate and support measures which shall enhance the investment climate in Nigeria for both Nigerian and non-Nigerian investors;
(c) Promote investments in and outside Nigeria through effective promotional means;
(d) Collect, collate, analyse and disseminate information about investment opportunities and sources of investment capital and advise on request, the availability, chance or suitability of partners in joint-venture projects;
(e) Register and keep records of all enterprises to which the NIPC Act legislation applies;
(f) Identify specific projects and invite interested investors for participation in those projects;
(g) Initiate, organise and participate in promotional activities such as exhibitions, conferences and seminars for the stimulation of investments;
(h) Maintain liaison between investors and Ministries, government departments and agencies, institutional lenders and other authorities concerned with investments;
(i) Provide and disseminate up-to-date information on incentives available to investors;
(j) Assist incoming and existing investors by providing support services;
(k) Evaluate the impact of the Commission on investment in Nigeria and recommend appropriate remedies and additional incentives;
(1) Advise the Federal Government on policy matters, including fiscal measures designed to promote the industrialisation of Nigeria or the general development of the economy; and
(m) Perform such other functions as are supplementary or incidental to the attainment of the objectives of NIPC Act.
FUNCTIONS OF NIPC
By the provisions of section 4 of the Decree, the Nigerian Investment Promotion Commission (NIPC) is to encourage, promote and co-ordinate investment in the Nigerian Economy. Pursuant to this, Commission’s functions include the following: -
Registration of Enterprises
NIPC shall on application, within 14 days register all joint ventures or wholly foreign-owned enterprises and will keep; records of all such enterprises.
Provision of supports Services to Existing and potential Investors
Collation, analysis and dissemination of information about investment opportunities as sources of investment capital and advise on request, the availability, choice or suitability of partners in joint-venture projects.
Maintaining liaison between investors and ministries, Government departments and Agencies, institutional lenders and other authorities, concerned with investments. Identification of specific projects and inviting interested investors for participation in those projects.
Provision and dissemination of up-to-date information on incentives available to investors
For the purpose of promoting identified strategic or major investment, NIPC shall, In consultation with appropriate government agencies, negotiate specific incentive package for investors.
NIPC may issue guidelines and procedures which specify priority areas of investment and prescribe applicable incentives and benefits consistent with Government policy.
NIPC shall, as expedient, advise the Federal Government on policy matters including fiscal measures in order to encourage deserving industries or particular sectors of the economy.
Investment Promotion and Monitoring Activities
NIPC will initiate, organize and participate in promotional activities, such as exhibitions, conferences and seminar for the stimulation of investments. Through its monitoring outfit, NIPC will identify problems and difficulties being encountered by investors and proffer viable solutions and render necessary assistance to them.
Engr. Mustafa Bello-
Executive Secretary /CEO
DIRECTORATE OF THE OFFICE OF THE EXECUTIVE SECRETARY/CEO
The Directorate consists of Support Units in the Commission.
7.1.1 RESEARCH AND CORPORATE DEVELOPMENT UNIT
The Research Unit is responsible for sourcing, analyzing and providing information for the purpose of investor servicing, investment generation and policy advocacy functions of the Commission. In addition to research activities, the unit also manages the Commissionâ€™s library.
While the Corporate Development arm of the unit is a central support service system in the Office of the Executive Secretary/CEO. It operates a network of horizontal and vertical functional relationships with all Departments and component units of the Commission. This is to facilitate adequate co-ordination of the planning process and ensure streamlining by management, of policies, programmes, systems and operations for the purpose of creating the necessary organizational harmony and integration in line with the vision, purpose, mission and objectives of the NIPC.
The main objective of the CD Unit is to position NIPC to effectively carryout its investment promotion activities through effective strategic planning, continuous appraisal of policies, keeping all plans in perspective and Facilitate the emergence of a vibrant and proactive culture of excellent service delivery that enhances NIPCâ€™s competitiveness and effectiveness as an Investment facilitation Agency.
In line with the Commissionâ€™s mandate, the Unitâ€™s main function is the provision of well researched and packaged investment related information for the purpose of investment promotion. The key tasks include:
Undertake policy analysis
Conduct sector studies
Gather and analyze statistical data and advice other relevant departments
Prepare reports on matters affecting investment in Nigeria raising issues and developing recommendations for improving FDI inflow.
Conduct research on relevant data involving country competitiveness, feasibility studies/project profiles and investorsâ€™ perception of Nigeria and provide promotion materials e.g. brochures, investor guides, etc.
Track the level /quantum of FDI inflow to Nigeria
Continuous update of the NIPC website contents.
To spearhead NIPC Service Delivery initiatives in line the Corporate Vision and Mission of then Commission.
To serve as a link or focal point for SERVICOM Office in the Commission
To coordinate the preparation of periodic Corporate Reports for meeting internal and external information requirements.